Owens Corning Inc (NYSE:OC) Receives Average Recommendation of “Moderate Buy” from Analysts

Owens Corning Inc (NYSE:OC) has earned a consensus recommendation of “Moderate Buy” from the eighteen brokerages that are currently covering the company, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, five have assigned a hold recommendation, nine have issued a buy recommendation and three have given a strong buy recommendation to the company. The average twelve-month target price among analysts that have updated their coverage on the stock in the last year is $163.54.

A number of equities research analysts have weighed in on OC shares. Barclays boosted their target price on shares of Owens Corning from $170.00 to $177.00 and gave the company an “overweight” rating in a research note on Thursday, August 6th. Zacks Research raised Owens Corning from a “hold” rating to a “strong-buy” rating in a report on Tuesday, September 15th. Deutsche Bank Aktiengesellschaft upped their price objective on Owens Corning from $136.00 to $165.00 and gave the company a “buy” rating in a research report on Tuesday, June 30th. The Goldman Sachs Group increased their target price on Owens Corning from $141.00 to $159.00 and gave the company a “neutral” rating in a report on Friday, July 10th. Finally, Benchmark reissued a “hold” rating on shares of Owens Corning in a research report on Wednesday, July 15th.

Owens Corning Stock Performance

Shares of NYSE OC opened at $118.37 on Wednesday. The firm’s 50-day moving average price is $137.70 and its 200-day moving average price is $128.72. Owens Corning has a 52-week low of $97.53 and a 52-week high of $159.91. The company has a market cap of $9.36 billion, a PE ratio of -14.69, a PEG ratio of 1.91 and a beta of 1.32. The company has a quick ratio of 0.67, a current ratio of 1.16 and a debt-to-equity ratio of 1.10.

Owens Corning (NYSE:OC) last released its quarterly earnings data on Wednesday, August 5th. The construction company reported $3.93 earnings per share for the quarter, beating the consensus estimate of $3.09 by $0.84. Owens Corning had a negative net margin of 6.81% and a positive return on equity of 20.52%. The firm had revenue of $2.76 billion during the quarter, compared to analysts’ expectations of $2.66 billion. During the same period in the previous year, the company earned $4.21 earnings per share. The firm’s quarterly revenue was up .3% on a year-over-year basis. As a group, analysts anticipate that Owens Corning will post 9.89 EPS for the current year.

Owens Corning Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, November 5th. Stockholders of record on Monday, October 19th will be paid a $0.79 dividend. This represents a $3.16 annualized dividend and a dividend yield of 2.7%. The ex-dividend date is Monday, October 19th. Owens Corning’s dividend payout ratio is -39.21%.

Insider Activity

In related news, insider Rachel Barthelemy Marcon sold 900 shares of the business’s stock in a transaction that occurred on Friday, August 28th. The shares were sold at an average price of $144.07, for a total transaction of $129,663.00. Following the completion of the sale, the insider directly owned 21,449 shares in the company, valued at approximately $3,090,157.43. The trade was a 4.03% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 0.92% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in OC. BlackRock Inc. bought a new stake in shares of Owens Corning during the 2nd quarter valued at $1,401,161,000. Arrowstreet Capital Limited Partnership increased its stake in shares of Owens Corning by 460.8% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,313,019 shares of the construction company’s stock worth $146,940,000 after purchasing an additional 1,078,877 shares in the last quarter. Norges Bank bought a new position in Owens Corning in the 4th quarter worth $119,748,000. Nykredit A S bought a new position in Owens Corning in the 2nd quarter worth $166,083,000. Finally, Allspring Global Investments Holdings LLC lifted its position in Owens Corning by 721.9% during the first quarter. Allspring Global Investments Holdings LLC now owns 1,170,179 shares of the construction company’s stock valued at $125,513,000 after purchasing an additional 1,027,800 shares in the last quarter. 88.40% of the stock is currently owned by institutional investors.

Owens Corning Company Profile

Owens Corning (NYSE:OC) is a global building materials company that develops and manufactures products used in residential, commercial and industrial construction. Its portfolio includes insulation, roofing and composite materials designed to improve energy efficiency, weather protection, durability and structural performance.

The company’s insulation business offers products such as fiberglass and mineral wool insulation, along with related air-sealing and acoustic solutions. Its roofing operations produce shingles, underlayment and other components for residential and commercial roofing systems.